The 81st Annual Academy® awards sparked a fashion trend in these recessionista driven days: The demure stud earring. Sparkly andunderstated, these small earrings were often paired alone, or with elegantly demure necklaces.

Penelope Cruz wore Chopard diamond stud earrings and a platium and diamond necklace (worth more than $2 million!). Most stunning of all was the vintage 1950 Pierre Balmain dress, the Best Actress in a Supporting Role for Vicky Christina Barcelona showcased. Miss Cruz stated "I found this dress eight years ago and I was saving it for something very special." Special indeed!Image: Reuters/Lucas Jackson